The total (expected) loss to the UK taxpayer from the sale of RBS will be £13 billion. Lucky for some, eh?
Yes – lucky for those who are rich enough to be able to afford shares in this bank; shares valued at much less than they were when the taxpayer bought this bank as a loss-making firm, and shares that will be worth huge dividends each year, now that this bank is starting to make profits again.
It isn’t the government that will make a loss on the sale, though – it’s the population of the UK. Note that the sale is happening now that RBS is starting to turn a profit again – that’s not for the likes of you and I, though! No, we must suffer the loss, at a time when the United Kingdom needs the money.
Isn’t it strange, how the Conservative Government that demands that we must shoulder any burden, including the premature deaths of our loved ones due to the removal of £12 billion of social security funding…
Isn’t it strange how these Tories are happy to accept a loss greater than that, in order to give the undeserving rich an undeserved reward?
The government has started to sell off its 78% stake in the Royal Bank of Scotland.
UK Financial Investments, the body that holds the government’s RBS stake, said it would offer about 600 million shares, representing 5.2% of the bank, to institutional investors.
It is expected that the government will make a loss of about £1bn on the sale.
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